Gavin Wood’s announcement comes weeks before the launch of parachain auctions, set for 11 November

Gavin Wood, founder of

Polkadot, has revealed that the blockchain platform’s Treasury has more $777 millions in DOT tokens. This is a substantial amount of money developers can use to improve and build the project.

In a tweet posted on 17 October, Wood noted that the Polkadot treasury holds over 18.9 million DOT, or roughly $777 million at the token’s current price. He said that the money could be used as part of a development fund for the network’s improvement and construction.

He suggested that the money be used to educate the community on Polkadot, the crypto ecosystem and other topics.

https://twitter.com/gavofyork/status/1449680359138996230

According to Wood, who also founded Kusama and is a co-founder of Ethereum, the amount of DOT held in the treasury is accumulated from the network protocol, with DOT received into the contract via “fees, slashes and suboptimal staking configurations“.

He said that it was best to make good use of the DOT, noting:

“ If it is left unattended, it will slowly burn. It currently burns 239,988 DOT every month. “

Polkadot parachain auctions

DOT has been one of the most impressive cryptocurrencies in recent weeks. The DOT/USD saw a more than 21% increase over the last seven days.

The excitement surrounding cryptocurrency is largely driven the upcoming parachain launch. This highly anticipated event will see an explosion of Polkadot network growth.

Parachains can be used as side-chains to allow developers to build decentralised applications. The technology makes interoperability between protocols (and the “Relay Chain”) easier, more affordable, and more secure.

Wood could offer millions to developers of decentralised finance (DeFi). This proposal would herald a new age for the eighth largest cryptocurrency project in terms of market cap.

The proposal needs to be approved by the Polkadot governance board, with community participation key for unlocking the treasury fund.